05-22-96 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL MAY 22, 1996 CITY COUNCIL MEETING AND CONVENING A SPECIAL SESSION OF THE ECONOMIC DEVELOPMENT AUTHORITY The foregoing resolution was duly seconded by Morelan. Ayes (5) Fahey, Morelan, Pedersen, Scalze, LaValle. Nays (O). Resolution declared adopted. The City Administrator reviewed his memo dated May 17, 1996 recommending amendment to the Market Place Redevelopment Loan Aqreement. The Administrator pointed out the developers have submitted revised exhibits showing scheduled enhancement work and rehabilitation work. The developers have also submitted a loan commitment in the amount of 5170,000 which ~vill be used to complete this work. The Administrator recommended the loan commitment include a guarantee committing the funds to the completion of the Market Place renovation. Mr. LaValle introduced the following resolution and moved its adoption: RE50LUTION NO. 96-5-1 - APPROVING THE AMENDMENT TO MARKET PLACE RENOVATION LOAN AGREEMENT AS RECOMMENDED BY THE CITY ADMINISTRATOR AND SUBJECT TO SUBMISSION OF A GUARANTEE TIiAT THE $170,000 LOAN COMMITMENT WILL BE USED FOR COMPLETION OF THE MARKET PLACE RENOVATION The foregoing resolution was duly seconded by Scalze. Ayes (5) LaValle, Scalze, Pedersen, Morelan, Fahey. Nays (0). Resolution declared adopted. At this point in the meeting the EDA reconvened as the City Council. HERITAGE The City Administrator reported that the City is in OFFICE PARK receipt of a letter from Real Estate Masters which DEVELOPMENT states their support of the City's entering into a AGREEMENT development agreement with Heritage Development Corporation for the development of Heritage Office Park. Mr. Morelan introduced the following resolution and moved its adoption: RESOLUTION N0. 96-5-127 - APPROVING THE DEVELOPMENT AGREEMENT WITH HERITAGE DEVELOPMENT CORPORATION FOR HERITAGE OFFICE PARK, AND AUTHORIZING THE MAYOR AND CITY ADMINISTRATOR TO EXECUTE THE AGREEMENT ON BEHALF OF THE CITY 12